American Express Credit 10-Q 2010 Q3 Quarterly report

EXHIBIT 12.1

AMERICAN EXPRESS CREDIT CORPORATION
COMPUTATION IN SUPPORT OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in millions)

	Nine MonthsEndedSeptember 30,2010
				Years Ended December 31,
				2009		2008		2007		2006
Earnings:
Net income	$	269		$	362	$	864	$	725	$	622
Income tax (benefit) provision		(16	)		8		132		60		95
Interest expense		428			629		1,618		2,046		1,614
Total earnings (a)	$	681		$	999	$	2,614	$	2,831	$	2,331
Fixed charges - Interest expense (b)	$	428		$	629	$	1,618	$	2,046	$	1,614
												��
Ratio of earnings to fixed charges (a/b)		1.59			1.59		1.62		1.38		1.44

Interest expense does not include interest on liabilities recorded in accordance with GAAP governing unrecognized tax benefits. Credco’s policy is to classify such interest in income tax provision in the Consolidated Statements of Income.

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